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Crude Oil Prices Are Still At Level Highest

Benchmarknews, New York-oil fourth session count at the end of trading Thursday (13/7/2017).

 

Crude oil prices settled at the highest level inalmost two weeks. The current crude oil found support from the biggest weekly decline in crude oil inventories for the U.S. in 10 months and estimates for the growth of strongerdemand this year.

 

Traders, however, remain wary of recent reports which reveal the advantages of further in global production. This is especially after the International Energy Agency said global oil supply rose in June because the producersopen the tap.

 

KLQ7 August West Texas Intermediate crude-0.02% tacked on 59 cents or 1.3%, to stand at US $46,08 per barrel on the New York Mercantile Exchange, the highest settlement since July 3, according to FactSet. September Brent crude oil LCOU7, + 1.32% adding 68 cents or 1.4% to US $48,42 a barrel.

 

In its monthly report that oil was issued on Thursday, the IEA “positive against demand growth, increasing their estimate of 2017,” said Bill Baruch, head of market strategy at iiTRADER, as quoted marketwatch.com.

 

Meanwhile, the U.S. crude oil stock decline noted 7.6 million barrels for the week ending July 7, according to data from the Energy Information Administration on Wednesday. It followed a decline in the previous week-long 6.3 million barrels.

 

“But the petroleum data from major institutions including the IEA and OPEC have been forced to reorganize an estimated the expectedinventory balancing,” said Robbie Fraser, Schneider Electric, commodities analysts in a note.

 

“While demand growth was generally meet the expectations, the sides continue to offerproven worrisome to oil, oil production by U.s. forces a revision upwards, and the level ofOPEC compliance down in the summer.”

 

The IEA said on Thursday that global oil supply in June increased 720,000 barrels per day into 97.46 million per day because of the “producers open the tap,” with the Organization of petroleum exporting countries and non-OPEC producers, such as the US, are experiencing an increase in production.

 

“OPEC Production increased by 340,000 barrels a day after the Saudi current rise and Libya and Nigeria, spared from cuts, pumped at a stronger level,” said IEA … (Red).

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